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30 Jul 2014
EUR/JPY lacking directional strength - FXStreet
FXStreet (Bali) - EUR/JPY price action is reflecting lack of directional strength at present, notes Valeria Bednarik, Chief Analyst at FXStreet.
Key Quotes
"Yen weakness was not enough for EUR/JPY, unable to firm up above the 137.00 briefly tested during the US afternoon. Is the battle of the “less weak” in here, and the EUR is the one with less chances of emerging victorious on dollar rallies."
"From a technical point of view, the hourly chart shows price along with 100 and 200 SMA all within a 10 pips range while indicators stand flat in neutral territory, all reflecting current lack of directional strength."
"In the 4 hours chart moving averages continue grinding lower well above current price while indicators are also flat in neutral territory: either a break below 136.60 or a firmer advance beyond 137.50 is required, to set a clear direction for the upcoming days."
Key Quotes
"Yen weakness was not enough for EUR/JPY, unable to firm up above the 137.00 briefly tested during the US afternoon. Is the battle of the “less weak” in here, and the EUR is the one with less chances of emerging victorious on dollar rallies."
"From a technical point of view, the hourly chart shows price along with 100 and 200 SMA all within a 10 pips range while indicators stand flat in neutral territory, all reflecting current lack of directional strength."
"In the 4 hours chart moving averages continue grinding lower well above current price while indicators are also flat in neutral territory: either a break below 136.60 or a firmer advance beyond 137.50 is required, to set a clear direction for the upcoming days."